Corporate Social Responsibility and NGO Directors on Boards

Journal of Business Ethics - In the years 2009 to 2016, approximately 35% of Standard & Poor’s (S&P) 500 firms had at least one director with a professional background in...     

黑色叙事对旅游目的地引致形象的影响机制

"讲好故事"已成为塑造和传播国家和地方形象的重要手段。以"讲故事"为手段打造旅游目的地形象是一种国际通行的旅游目的地营销方式。现有旅游目的地叙事研究开展还很不充分,关注的叙事偏重于正面叙事材料,对负面叙事的关注还很不够。文章着眼于黑色叙事对旅游目的地引致形象的影响机制,以德国首都柏林作为研究案例,以著名历史游记《柏林:一座城市的肖像》(Berlin:Imagine a City)中关于柏林的系列黑色叙事和柏林旅游局在微信公众号发布的图片作为实验材料,通过招募志愿者参与包括4个阶段的混合研究设计,验证黑色叙事对柏林旅游目的地形象(认知、情感及意动)的复杂影响。研究的主要理论贡献在于:首先,验证了黑色叙事对旅游目的地形象具有显著影响,实证该影响主要透过"叙事主角-游客-自我形象一致性"这一主线发挥作用,明确了黑色叙事主角形象对黑色叙事引致旅游目的地形象的影响机理,丰富了叙事传输理论相关结论。其次,验证了黑色叙事引致情感形象在黑色叙事影响旅游目的地形象过程中的影响效应,发现黑色叙事引致情感形象(而非认知形象)是黑色叙事最终能够影响游客动机的关键。最后,在黑色叙事这一特定研究情境中,验证了目的地认知形象对"情感形象影响意动形象"具有"增强调节效应",丰富了现有旅游目的地形象"认知-情感-意动"三联结构理论。文章在此基础上提供了相应的管理和营销建议。     

The impact of international diversification on credit scores: Evidence from the UK

Despite the great deal of previous research into international diversification, we know little about the impact of international diversification on firms’ credit scores. Drawing upon the resource-based view and transaction cost economics, we examine the relationship between international diversification and credit scores by using a large sample of 6,557 UK firms between 2016 and 2017. We find an inverted U-shaped relationship between international diversification and firms’ credit scores, indicating that the effect of international diversification on credit scores is initially positive but becomes negative with over-diversification. In addition, we find that R&D intensity positively moderates the relationship between international diversification and credit score, implying that the credit scores of highly diversified firms improve as they increase their investment in R&D. Further analysis suggests that a firm’s credit score becomes less dependent on international diversification for large firms, firms in concentrated industries, firms in the manufacturing sector, and firms distant from key metropolitan areas, such as London.     

The effect of within-country inequality on international trade and investment agreements

There is anecdotal evidence suggesting that those losing from globalization influence policy makers to decrease the openness of their countries to globalization, as evidenced by signing international trade and investment agreements. Surprisingly, this influence has never been examined empirically. This study provides novel empirical evidence demonstrating that greater within-country inequality, our proxy for 'perceived losses' from globalization, decreases countries' propensity to sign regional trade and investment agreements. Our findings support the argument that the existence of 'losers' from globalization can be detrimental for continued globalization. To the best of our knowledge, this is the first extensive econometric empirical evidence of the influence of within-country inequality on countries' willingness to sign international trade and investment agreements, as means to increase their global economic integration.     

新时期农业科技与金融融合的示范园模式与“公司+农户”模式探索

农民如何依托土地脱贫增收成为我国农业发展的关键问题。农业科技与金融的融合是家庭联产承包责任制下提升农业产出效率的有效手段。通过创新农业经营主体，建立政府引导、市场主导的“示范园模式”与“公司+农户”模式加强农业科技与金融融合；构建完善的试验-示范技术扩散体系，帮助农民进行技术模仿，提升农业技术能力；结合金融扶持，帮助农民提升对接市场技术的能力，提高土地产出效率是促进农民脱贫增收的有效途径。     

The role of voluntary internal control reporting in earnings quality: Evidence from China

Using discretionary accruals to proxy for earnings quality, this study investigates whether and how the first voluntary internal control reporting in 2007 is associated with earnings quality in China. We find that earnings quality is higher in 2007, yet not in 2006, for public companies issuing a first-time voluntary unqualified internal control report, compared with listed firms not issuing an internal control report. Our findings are consistent with a signalling of performance explanation and inconsistent with a signalling of effectiveness explanation. We also find that earnings quality is lower for public companies issuing an internal control report mentioning a weakness, compared with public companies not issuing an internal control report. Overall, our study suggests that public companies conduct diligent self-assessments when issuing a first-time voluntary unqualified internal control report. Consequently, there is an improvement in earnings quality.     

The influence of auditor narcissism and moral disengagement on risk assessments of a narcissistic client CFO

Global capital markets rely heavily on independent and skeptical auditors as gatekeepers to provide assurance that corporate financial reports are free of material fraud. The rise of narcissism among the ranks of both client and audit professionals challenge this gatekeeper function. In addition, auditor moral disengagement may undermine auditor skepticism, further eroding public confidence in the integrity of financial reporting and the audit process. We conduct a quasi-experiment with 118 auditors from three international audit firms. In a simulated interview with a client CFO, we examine whether auditors underestimate risks of fraudulent financial statements due to the interactive effects of (1) client narcissism (manipulated verbally and nonverbally) and (2) auditor narcissism. We also examine the influence of auditor moral disengagement on client risk assessments. Results indicate that CFO verbal and nonverbal narcissism significantly influenced auditors’ assessment of management-related client risk. Moreover, auditor narcissism was found to interactively influence client risk inferences such that auditors higher in narcissism exhibited narcissistic tolerance (lower risk assessments) when the hypothetical CFO displayed high verbal narcissism. Auditor moral disengagement was negatively associated with client risk assessments. We discuss the implication of these findings on future audit judgment research, audit firm policy and training on maintaining auditor skepticism, and the audit oversight role of standard-setters.     

Entrepreneurship and industrial clusters: evidence from China industrial census

Small Business Economics - This article studies the synergy effect of entrepreneurship on China’s industrial cluster. We propose an extension to Duranton and Overman’s (The Review of...     

Good signals gone bad: Dynamic signalling with switched effort levels

This paper examines signalling when the sender exerts effort and receives benefits over time. Receivers only observe a noisy public signal about the effort, which has no intrinsic value.The modelling of signalling in a dynamic context gives rise to novel equilibrium outcomes. In some equilibria, a sender with a higher cost of effort exerts strictly more effort than his low-cost counterpart. The low-cost type can compensate later for initial low effort, but this is not worthwhile for a high-cost type. The interpretation of a given signal switches endogenously over time, depending on which type the receivers expect to send it.     

原画设计中角色素材收集实践

本文强调了素材与创作的必然联系和重要性,列举了素材收集的基本方式,并通过实例讲述了通过设计实验对原画设计中角色素材库添加新鲜元素的方法和步骤。